The Polish Bitcoin Association (“Association”) has a big problem. Polish banks have either blocked or shut down the financial accounts associated with firms that are liked to cryptocurrency. In an attempt to remedy the situation, the Association applied to the Office of Competition and Consumer Protection (OCCP). Although it is not clear at this point as to whether the OCCP has agreed to hear to hear the case or to initiate an investigation, any progress on the matter should come to light soon.
The banks’ actions have certainly put a strain on the Polish crypto community. Polish may go to the extreme and follow the same policies adopted by China, which is banning crypto policies altogether. The company filed by the Association indicated that there are 15 financial institutions that refuse to allow 52 entities to conduct crypto-related transactions and accordingly, the banks have closed a portion the accounts.
Interestingly enough, the banks’ attitude has arisen not from governmental pressure. There are currently no regulations in place concerning the crypto industry – despite attempts by the government to do so.
In a statement made by the Association it stated,
“the effects of the banks’ actions described clearly aim at removing virtual currency entities from the market, despite the fact that such activities are legal and conducted with dignity. In view of the above, action by the regulator is necessary, and this notice and his request are fully substantiated.”